Money Gram

Money Gram

Eligibility

Unlike various types of remittances from abroad, the beneficiary under Money Gram will always be a resident.

All guidelines with respect to Anti-money laundering and Know Your Customer must be strictly complied with.

Salient Features

Money Gram is a new Internet based remittance product, being introduced in our bank to augment the facilities available to NRIs to remit money to India.

Money Gram is one of the money transfer services offered by M/s. Money Gram International Inc. Under the arrangement, money transfers made at any overseas agent location across the world become available at the destination location in India in the very next instant. The transfer is effected using a Software / Internet based technology.

Other Requirements/Details

In our Bank, the connectivity is established through our CBS network with nodal branch being M G Road, Ernakulam. Payment can be effected to a beneficiary by any CBS branch.

Presently 430 branches have been designated for Money Gram.

In case of any difficulty in handling the payment, branches can get in touch with HO: International Division (Phone number 044-25210309) or UAE Exchange Chennai – Attention Ms. Reshma (09840987217).

Till establishing the identity of the beneficiary as per the KYC norms do not request the beneficiary to write down the eight-digit reference number. If the eight-digit reference number is revealed in the beginning itself and branch could not identify the customer as per the KYC procedure, branch may find it very difficult to convince the customer for not being able to pay the money.

If the customer is having an account with the Bank, the amount has to be credited to the customers account only.

If the customer is not maintaining any account with the Bank, after observing the KYC norms, Branch can pay the remittance in cash not exceeding Rs.50,000/-.

Where the amount of payment exceeds the cash payment limit of Rs.50000/-, only BPO/DD is to be issued in the customer’s name.

Only personal remittances like towards family maintenance and remittances favouring foreign tourists visiting India are permissible.

As per RBI guidelines, this remittance channel can be used only for remittances from abroad and not for internal transfers of money.